Newbegin Financial Services Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 12369872 (England and Wales)

Newbegin Financial Services Limited

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P T Simpson

J J Swaby

R E Thorpe

R Iverson

REGISTERED OFFICE:

C/O Thompson Commercials Limited

Salvesen Way

Clive Sullivan Way

Hull

East Yorkshire

HU3 4UQ

REGISTERED NUMBER:

12369872 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

CURRENT ASSETS

Debtors

4

153,308

46,484

Cash at bank

39,240

17,918

192,548

64,402

CREDITORS

Amounts falling due within one year

5

114,114

30,112

NET CURRENT ASSETS

78,434

34,290

TOTAL ASSETS LESS CURRENT
LIABILITIES

78,434

34,290

CAPITAL AND RESERVES

Called up share capital

6

4,000

Retained earnings

74,434

30,290

SHAREHOLDERS' FUNDS

78,434

34,290

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

R E Thorpe - Director

1.	STATUTORY INFORMATION

Newbegin Financial Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

67,842

42,484

Amounts owed by group undertakings

84,041

3,000

Other debtors

1,425

1,000

153,308

46,484

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Amounts owed to group undertakings

-

23,130

Taxation and social security

83,697

-

Other creditors

30,417

6,982

114,114

30,112

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

3,000

Ordinary A

£1

3,000

1,000

Ordinary B

£1

1,000

4,000

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Stocks FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

8.	CONTINGENT LIABILITIES

There is a cross guarantee with other group company's in respect of bank and other borrowings. At 31st December 2024 the potential net liability of the company under the arrangement was £3,702,027 (2023 £4,880,200).

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10.	ULTIMATE CONTROLLING PARTY

The company is not controlled by any one party.